比特幣（BTC）長期持有人（LTH）淨未實現的盈利/損失（NUPL）已恢復到0.69，與BTC仍為$ 85,000時相同

在X上的新帖子中，鏈上分析公司GlassNode談到了比特幣長期持有人淨未實現的盈利/損失（NUPL）的趨勢。

On-chain data shows that the profit margin of the Bitcoin long-term holders is currently the same as when BTC was still $85,000. Here’s what’s behind this.

鏈上的數據表明，比特幣長期持有人的利潤率與BTC仍為85,000美元時相同。這是背後的原因。

Bitcoin LTH NUPL Has Returned To 0.69

比特幣LTH NUPL返回到0.69

比特幣LTH NUPL返回到0.69

In a new post on X, the on-chain analytics firm Glassnode shed light on the trend in the Net Unrealized Profit/Loss (NUPL) for the Bitcoin long-term holders.

在X上的新帖子中，鏈分析公司的玻璃節揭示了比特幣長期持有人淨未實現的盈利/損失（NUPL）的趨勢。

The NUPL is an indicator that measures the difference between the unrealized profit and unrealized loss held by the Bitcoin investors as a whole. When the value of this metric is positive, it means the holders are carrying more profit than loss. On the other hand, it being less than zero suggests that the average address is underwater.

NUPL是一個指標，該指標可以衡量比特幣投資者整體持有的未實現的利潤與未實現的損失之間的差異。當該指標的價值為正時，這意味著持有者攜帶的利潤更多而不是損失。另一方面，它的平均地址在水下。

In the current context, the overall network's NUPL isn't the focus, but rather that of a specific group: the long-term holders (LTHs). The LTHs are defined as the Bitcoin investors who have been holding onto their coins since more than 155 days ago.

在當前情況下，整個網絡的NUPL不是重點，而是特定群體的重點：長期持有人（LTHS）。 LTHS被定義為比特幣投資者，這些投資者自155天以上以來一直堅持自己的硬幣。

Now, here is the chart that shows the trend in the Bitcoin NUPL for the LTHs over the past year:

現在，這是顯示過去一年中LTH的比特幣NUPL趨勢的圖表：

As the post explains, the Bitcoin LTH NUPL has stayed above the zero level for the past year, which indicates that the HODLers of the market have stayed in the green throughout this period.

正如帖子所解釋的那樣，比特幣LTH NUPL在過去一年中一直保持在零水平的高度，這表明整個時期的市場雜物都保持在綠色狀態。

But naturally, as the BTC price has shown some volatile moves in this timeframe, the indicator's value has also seen some fluctuations. From the chart, it's clear that the bull run at the end of 2024 took the indicator into an extreme territory, but the market downturn this year resulted in a cooling off for the metric.

但是自然而然地，由於BTC價格在此時間範圍內顯示出一些揮發性的動作，因此指標的價值也發生了一些波動。從圖表來看，很明顯，公牛在2024年底運行，將指標帶入了一個極端的領域，但是今年的市場下跌導致了該指標的冷卻。

With the recent price recovery, the indicator saw another reversal, but even at its peak, it couldn't come close to touching the high from the earlier bull run.

隨著最近的價格恢復，該指標發生了另一種逆轉，但即使在其頂峰，它也無法接近較早的公牛跑步。

An interesting trend has followed since this latest peak in the Bitcoin LTH NUPL; the indicator has seen a sharp retracement, despite the fact that the coin's value has only been moving flat in this window.

自比特幣LTH NUPL的最新高峰以來，它的一個有趣趨勢又隨之而來;儘管硬幣的價值僅在此窗口中移動，但該指標還是進行了急劇的回答。

The metric is now sitting at 0.69, which is the same level as back at the start of April, when the cryptocurrency was still just trading around $85,000. So, what's making it so that HODLer profitability is the same today despite the price being notably higher? And what's the reason for the latest decline in the metric even though the price has been going sideways?

該指標現在位於0.69，與4月初的水平相同，當時加密貨幣仍在交易約85,000美元。那麼，儘管價格明顯更高，但如今，霍德勒的盈利能力是相同的？即使價格偏向，該度量最新下降的原因是什麼？

The answer to these questions lies in what the LTH group represents. As mentioned earlier, this cohort includes investors who purchased their Bitcoin within the past 155 days. This five-month cutoff now includes the buyers from December 2024.

這些問題的答案在於LTH小組的代表。如前所述，該隊列包括在過去155天內購買比特幣的投資者。現在，這個五個月的臨界值包括從2024年12月開始的買家。

In other words, the promotion of these top buyers into the group has diluted the unrealized gain among its members.

換句話說，將這些頂級買家晉升為該集團已經稀釋了其成員中未實現的收益。